Pepper Money has added new secured loan products with no or low early repayment charges (ERCs) as part of its efforts to offer more flexible solutions for homeowners.
The changes include the launch of 5-year fixed rate products with no ERCs in the XLTV (up to 100% loan-to-value) and Plus (up to 80% LTV) ranges, following the earlier introduction of a Prime no-ERC option.
In addition, Pepper Money has introduced new 5-year fixed low-ERC products with reduced fees, as low as 1%, across the XLTV, Plus and Prime (up to 85% LTV) ranges.
These new offerings are designed to give customers greater choice when managing their finances, particularly in a market where interest rate movements remain uncertain.
The lender said the new range gives borrowers flexibility to consolidate loans or adjust financial plans without the burden of high exit fees.
The secured loans are aimed at customers seeking to unlock value from their homes without remortgaging, often for purposes such as home improvements, debt consolidation, or major expenses.
Ryan McGrath, director of secured loans at Pepper Money, said: “We are always on the lookout for ways we can adapt our product ranges to increase choice and flexibility for our customers and broker partners.
“By expanding our proposition, we can meet the needs of more customers giving them greater certainty over their financial futures, as well as increased flexibility at a time when monthly affordability can be strained.
“We are proud to lead the secured loans market by providing the best possible options for customers at all stages of their homeownership journeys.
“While interest rates are edging down, we continue to work with our broker partners to find the right products and best outcomes for as many customers as possible.”
